Anirudh

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The Nature and Scope of Managerial Economics chief of Omaha, W arren E. Buffett, the renowned chairman andstartedexecutive officerpartnership Nebraska-based Berkshire Hathaway, Inc., an investment with $100 in 1956 and has gone on to accumulate a personal net worth in excess of $30 billion. It is intriguing that Buffett credits his success to a basic understanding of managerial economics. Berkshire’s collection of operating businesses includes the GEICO Insurance Company, Buffalo News newspaper, See’s Candies, and the Nebraska Furniture Mart. They commonly earn 30%–50% per year on invested capital. This is astonishingly good performance in light of the 10%–12% return typical of industry in general. A second and equally important contributor to Berkshire’s outstanding performance is a handful of substantial holdings in publicly traded common stocks such as The American Express Company, The Coca-Cola Company, and Wells Fargo & Company. As both manager and investor, Buffett looks for ‘‘wonderful businesses’’ with outstanding economic characteristics: high rates of return on invested capital, substantial profit margins on sales, and consistent earnings growth. Complicated businesses that face fierce competition or require large capital investment and ongoing innovation are shunned.1 Buffett’s success is powerful testimony to the practical usefulness of managerial economics. Managerial economics answers fundamental questions. When are the characteristics of a market so attractive that entry becomes appealing? When is exit preferable to continued operation? Why do some professions pay well, whereas others offer meager pay? Successful managers make good decisions, and one of their most useful tools is the methodology of managerial economics.

T HE M ANAGERIAL D ECISION -M AKING P ROCESS
Managerial economics Applies economic tools and techniques to…...

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Words: 11572 - Pages: 47

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